tv The Willis Report FOX Business August 8, 2013 6:00pm-7:01pm EDT
it was for free. city services. melissa: we have to go. thank you. i hope you made "money" today. be sure to tune in tomorrow for franchise friday. how to find the perfect location. "the willis report" is next. gerri: hello, everybody. i'm gerri willis. tonight on "the willis report" social engineering a obama style. the federal government pushing in affirmative-action role in every single neighborhood in the country. also, the cars the government wants to drive. we have the complete list. something big is happening in education. we are watching out for you tonight on "the willis report." our top story tonight, uncle sam
is creating yet another database, this time to push diversity in your neighborhood. the housing and redevelopment agency is proposing a new rule requiring the agency to track and publish data on the racial and ethnic makeup of every single member in the u.s., engineering for a better society or social engineering with a twist of government over reached. here to weigh in, anthony sanders, real-estate finance director at george mason university. i saw this story and not, holy cow. this seems to be incredibly overreaching. what do you say? >> of course it is incredible. this strategy is that the previous administration, an absolute disaster when they tried to force is upon us. now they're talking about forced integration in neighborhoods. gerri: we already talked about that with laws that try to encourage diversity through mortgages.
i want you to hear what sean donovan had to say. here is how he is our party is trying to do. >> unfortunately in too many of our hardest hit communities no matter how hard a child or her parents work, no matter that child's potential, the life chances of that child, even her life span is determined by the third zip code she grows up in. this is simply wrong. it. gerri: that was the secretary of the department of housing and urban development speaking to the naacp. that all cells everyone equal opportunity, but why do we need a government telling us where to live? are there other ways to achieve that objective? >> first of all, if the siege real gdp growth is set of this kind of slugging down the path that we have now, real employment opportunities are the best thing that can happen. they just don't want to do that.
they want to do with the hardware which is forced integration which will be disastrous. gerri: this is one of those proposals, they waited until the end of the second term to put on the table because they knew it would be problematic. how would you do this as a practical matter? i just don't understand. >> i can't wait to see the first religious sign that goes up and says for sale. no whites admit it. realtors have not going to like this. in fact, i was contacted by some of my african-american students at george mason is said we want to live in neighborhoods we want to pick. we don't want the government telling as which ever is to
>> well, he has been doing this ever since it came in a secretary. check out west chester county in new york where you want to spread the wealth of multifamily housing. that was the theme all along. it did not work so well, now is going to the next level. the state where whites from one party. gerri: that is a real problem. he once did jobs for everybody, but there are lots of ways to do that without disrupting the fabric of individual neighborhoods. >> absolutely. we have been doing this for years. in terms of mortgage markets there have been anti-discrimination laws on the books, tons of them. this is just an extension which is will the fed tracks london profiles and cities. enforcement of the the union
investment act. this will be contested by cities and people. >> it is a fascinating thing. i am shocked that it is being suggested. thank you for coming on. good to see you. gerri: trying to get into big-time government over reached. the top knocks for small carson to be out of reach. the new front in crash tests shows only half of the models score well. senior analyst of kelley blue book who viewed have the crash testing is done. thank you for coming on the show. i was shocked by these results. you always worry about small cars not being saved. this would seem to prove it. what was your reaction to the test results? >> it's unfortunate because it gives the impression, but he after member that these cars are no different and there were before. i a chess has come up with a
much more tough test, a compelling way to test these guys because they keep working down the statistics which is now the most dangerous type of crash, you have this small overlap impact on the front of the car. gerri: that is over talking about, usually have front-end crash, front and a pond and were you run 100 percent until all. they have to tell you, i will challenge you here because the cars should be safe no matter how you smash them up. this whole idea of we have never tested them away before. they never thought that maybe somebody would have a crash like this? >> i know, and it does make you feel like now there is a new way and i can get her when and driving a car. the honda did really well because they have a little bit of a heads up on this test. some of the other cars it pretty good, the ford and the sunday and that got to cut budget okay. all of these cars will go
through their next iteration of designed and redesigned and at that point will address this set of crash. gerri: safety cages collapse. safety cages collapsed. trevor airbags moved sideways. and then the crash test dummies, their heads hit the instrument panel. so to me this is the failure of design because ou have to think up to of the people designing the cars must've thought that someday somewhere somehow these cars would get hit like this. i just not understand why they have not prepared for this eventuality. >> and it is an unfortunate type of crash because it appeals the car like an onion. it's off so far the main to support beams that every car has are not helping at all. pealing of the side of the offender out right where the tire is and there is not much of it keep it from bidding on the passenger compartment. gerri: we are seeing the
pictures right now. you say that there will start making changes now so that they can pass this test with flying colors. how long will it take into a great? >> over the next two to four years you will see almost every one of these cars doing well on this type of test because every manufacturer wants to score while. once you have one kind of the achilles heel, your competition can compound our new. gerri: the etf feared the worst. let me ask you this question straight up. of a small cars? not as safe as good cars? >> you know, they guy that i a just told us all of these tests are often done with cars of equal size, meaning, you know, the smart car does pretty well if you had another smart car. if you had a cadillac is delayed you won't do as well. the smaller car you are in a more likely you will have something bigger the new
ministers to get a little more unpredictable. gerri: we all worry about that because a lot of the small cars are bought for college kids, young people starting their first job, those are the folks that get these zero cars and really are at more risk and have to be more careful. >> hopefully. and that is unfortunately the combination. people buying these kind of cars which are not as safe as larger cars also at risk because of the demographics. teen-age insurance rates are like that because of the accidents. the other way to look at it that is low more positive, all of these cars are far safer than they were even ten or 12 years ago. compared to when i was a teenager, they are much safer cars. it keeps moving in the right direction, but i applaud i just for continuing to find new ways to crash the car that ferret out other potential dangers so that they can keep making them better
and better. eventually there will hopefully get to a place where they say you can't find any more dangerous crashes. gerri: thank you. a lot more still to come including tips to a study risk on wall street early in your stock portfolio. to you know what you were driving across? some of the worst bridges in america. are they part of your daily commute? we will show you next.
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gerri: are you driving into danger every single day? a recent report finds more than one in nine bridges in the country are in need to -- in need of urgent repair. it also found you would easily be will the driver the united states if you put them from end to end. with us now, john robert smith, co-chair of transportation of america which released the report. so deficient, some 260 marine americans drive over them every day. are these concentrated in a particular part of the country? i don't think he is hearing me.
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♪ gerri: we got rid of our gremlins. we told you about a recent report that finds more than one in nine bridges in the country in urgent need of repair. with us now, john robert smith, co-chair of transportation for america. thank you for coming on the show. was saying before, 260 million trips made every day over these bridges.
where are they? >> well, it is a national problem boehner. they're all over the country. the hundred largest metropolitan areas in this country there are more structurally deficient bridges there than there are mcdonald's french -- restaurants . if you took are structurally deficient bridges and linked them one after the other, they would stretch from where i sit in washington d.c. all the way to denver, colorado. that is over 606,000 structurally deficient bridges which means -- and structurally deficient means they are in immediate need of significant repair or replacement. gerri: i was looking at the list. and let me tell you, i either live near them are used to live near them. one in boston that i've lived one block away from and probably traveled twice at per day. in horrible shape. there is one up near me in
westchester. portland, new york. they're all over the place. if your commute, you may travel over these bridges twice per day . let's talk about what structurally deficient means. what is killing wrong with these bridges? >> understand that this list was compiled by the various state departments of transportation after having inspected the robbers is. this data is coming from structural engineers that have actually examined these bridges. structurally deficient does not mean it will collapse tomorrow, but it does mean that it is in immediate -- immediate need of significant repair or replacement. you can tell that the bridge will stand up while we make that trip? add that there is anyone listening that did not pass across are structurally deficient bridge some time during their commute today. gerri: unbelievable. some of these bridges are made
of steel, concrete.erial or of d of building these bridges that is causing the most problem? >> it is mostly about age. most of the bridges in this country are 43 years old and were built to average of 50 year life span. that gives you an idea of a looming problem. of the laws that are structurally deficient, over half of them are over 65 years of age. it is simply a matter of we have not made raised safety a priority in the country. and the last transportation authorization bill passed just over one year ago, congress actually took out the designated dedicated funding for bridge repairs so that now they have to compete with every other transportation needs that the country and the state and community has. gerri: i want to get to a couple of quick questions before you go
because a lot of people here in the new york area, for example, these bridges are so heavily traveled. nobody ever really closes them down to do repairs. keep them open. repair part of the bridge of the time. >> we have to keep the traffic moving in large metropolitan areas, and in smaller, rural areas as well. there is an alternate way to get from point a to point b. you have to do this structural repair work on the bridge. of think it's a matter of not wanting to hang camping is the public from the standpoint of traffic. it's a matter of funding for all transportation in this country, especially for a structurally deficient bridges. we have to make it a priority. gerri: one other question, a lot of these bridges, is it the
weather, what we put down on the ice and snow that makes it worse? >> you and me test engineer that . problems seem to be more prevalent in areas that are and the north. is across the country as a whole. in my home state of mississippi just as well. there is not a state that is not impacted by florida. they do the best job with it. but they are all states that have issues with structurally deficient bridges. gerri: an impressive report. i bet you might be originally from the south. iredell of bevan accent. >> just a little bit. it's an important issue. i believe so. gerri: well, onto the market. it is the fear index, the vix or
folacin -- volatility index. it turns out it may not be the best way to spot risk. we watch the vix every single day here at fox business, but you say really the vision is limited. why? >> it does a good job of doing that. most investors are more interested once by an outside the u.s. and had to adjust the stock market and are more interested in what might happen 30 days down the road. gerri: that is a great point. alito's is a much. the s&p 500 is not debatable window into what is done in the market. we will be the better index to think about, the indices, hence,
clues of where to look at what to think about. >> a shot tillich's something outside of the u.s., many opportunities. concern about china, but to the index come as the ssssi. of the stock index. you don't want to focus just on stocks because we have seen a lot of volatility in places like the treasury market or currencies, so you need to have a global view. also multi asset you. and there are a number of industries that look at that as well. gerri: if you are worried about bonds, where you look? >> there is something called the envy x to yn, volatility index for the 10-year treasury which is interesting because the ten year treasury notes will be very tuned into what is going on in the interest-rate market. the -- it gives you something to
follow. gerri: i'm writing that down. let's talk a little bit about what you see as trouble areas in the markets because you look at these indexes all the time. where you see trouble brewing? >> i would be most concerned about china. they are in the process of transitioning from an export driven economy is something focused more on consumer demand. and that is an extremely difficult transition to navigate. political issues, economic issues, cultural issues. so china would be an important place to focus and are slowing down the economy growing, questions about exactly how much it is slowing down. really for the government to properly make that transition is a little bit like trying to land the space shuttle and a small airport are particularly when you have not had practiced doing that. gerri: has not going to work. want to ask you if you can drill that the sectors.
>> there are different volatilities across sectors. if you're looking for more conservative sectors that are less volatile out, traditionally things like consumer staples are much less volatile. utilities are much less volatile anywhere, frankly, were you have rather than single stocks by groups of stocks, if you can invest in the sector rather than at particular single stock or an index, an exchange traded products that incorporates, you will have less volatility than some of the sectors like -- more highly volatile out sectors like biotechnology or technology or foreign stocks. china. a huge amount of volatility. particularly china and brazil and india have been under pressure as of late. gerri: now i know all i need to know about the vix. it has limits. >> thank you for having me. gerri: thank you. time for a look of the stories you're clicking on tonight on foxbusiness.com. stocks climbing into the green
after opening higher crop falling back and then rebounding. companies doing business in china surging on news that the company grew last month. the world's second-biggest economy. stocks soaring after the struggling online deals company named co-founder eric mccloskey the permanent ceo. also posted stronger than expected revenue for the second quarter. the stock was up 22% today, 90 percent in the past three months. j.c. penney is starting a search to replace ceo michael many took the reins in april following the ousting of ron johnson. investors up the process will be sped up. and stocks bit -- talks between cbs and time warner cable are back on, battling over how much they should pay for the network and other cable channels like showtime and cnc. customers of the major cities a bet without these channels since last friday. those are some of the hot stories right now on foxbusiness.com. we have more coming up.
the white house again going after a major bank. the latest from washington. next, wells fargo planning to roll out a host of credit cards that are supposed help consumers cut back on debt. was it worth it? we will tell you. ♪ [ jackie ] its just so frustrating... ♪ the middle of this special moment and i need to run f to t bathroom. ♪ i'm fed up with always having to put my bladder's needs ahead of my daughter. ♪ so today, i'm finally talking to my doctor about overactive bladder symptoms. [ female announcer ] know that gotta go feeling? ask your doctor abt prescription toviaz. one toviaz pill a day significtly reduces
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♪ >> from our fox business studios in new york, here again is gerri willis. gerri: a rainy thursday. well, the target of the department of justice investigation into mortgage practices making it another major bank in this week to disclose it is under federal probe. fox business has all the details. >> more in the past hour. suntrust says the government is
investigating whether the bank failed to properly process applications for loan modifications of certain mortgages. the "wall street journal" reports that security and exchange commission wants them to admit to conduct. the bank says the department of justice civil rights division and the consumer financial protection bureau are jointly investigating whether mortgage loan pricing by national city and pnc had a disparate impact unprotected glasses. in other words, they're looking into whether bank practices, though not explicitly discriminatory at the effect of discrimination against a certain group which may be difficult to prove. >> it is one thing when you have obvious fraud. when somebody says, the security is green when it is really be looked -- blue. when you are trying to say, we have a disparate impact here, that means they have a lot of
shades of gray to deal with. >> difficult to prove, but banks still may agree to a settlement to end the legal proceedings. other recent charges for banks, investigations. then examining mortgage-backed securities is a leading into the financial crisis. the sec in department of justice are suing bankamerica claiming that the bank had risk of mortgage investments. bank of new york mullin faces lawsuits over foreign exchange rates. gerri: some of these cases are old. why is this stuff happening now? >> it depends on the jurors addiction, the specific investigation, but some statutes of limitation of looking at about five years since the mortgage product was sold. all five -- five years ago was the run-up to the financial crisis. investigators are trying to get this stuff out and get it under investigation before the statute runs out and they cannot prosecute any more. gerri: thank you for that report. thank you so much.
gerri: on to new products. is it worth it. the points you are an lp pay down your debt on everything and student loan and so on. let's bring in the president of consumer education at smart credit. great to see you. always good to have you on this show. our consumer debt credit cards? explain to us what these are. >> this is essentially every word's card. and most rewards cards earn points are cash back or some sort of airline miles. with this particular type of card you're earning the ability to apply the award or funds that you have earned against a loan that you have that the bank. instead of getting 1% cash back that you can apply to your balance of a card or get a check in the mail from somebody you can say, no, i want to take that
$45, 87, whenever, and apply it toward my mortgage principal. it's just another option for what to do with your rewards funds. gerri: i get a credit card. the more i spend the more i pay down debt. why not just pay down the debt? to you see what i'm saying? it seems odd to me. >> it does, and the on the surface it looks like you are getting into debt to pay off debt. so it's almost like you are borrowing from peter to then again pay of peter which does not really make a lot of sense. this cannot dislike with of plastic products, it is about responsible use. if you're going to use a credit card organically, to buy dinner and dry cleaning and gasoline anyway, not necessarily a bad way to utilize those rewards points. most of the time when we get one we use it for things like airline miles.
to cares. i got $1,809,000,000 airline ticket for free. i use it. it's gone. this way at least you're wiggling against that that you currently up to the bank. gerri: it is interesting, but i am unfounded. i get your point. another against using credit cards. if you use force for good, and not for evil. i have another question for you, totally different topic. and new study, a new survey. people are more concerned about their waistlines than their bottom linns. i am sort of blown away. check this out. 72 percent of people interviewed said they would rather live with that then gain weight. it is more important for them to be skinny then debt-free. how crazy is that? >> you are going to kick me of your show, i agree with them. here is live. here is why.
first off, there are health issues to deal with. it is better to be thinner than a beast. but here is another one, the most logical explanation. i can work my way out of debt. i cannot work my way down to 7 percent body fat. i have tried. there is no way will happen. if you tell me asking you to 7 percent body fat like that you will be in $10,000 of credit-card debt, might take it because i guarantee you within a year will be out of t card debt and will have won both battles. gerri: i think it is over between us. really? really? >> that doesn't make any sense? gerri: i don't understand this whole conversation. i'm so confused. it i thought it was amazing. here is another survey i saw today that will blow your mind. people are more afraid of thh stock market and they are dying.
>> it is because death is an inevitability. there is no point in a hearing in your entire life. i don't even want to know. but when i drop by dollars summer and all of a sudden i see red numbers associated with it, the freaks me out. it. gerri: i cannot get over their complete desired to be skinny no matter what. thank you. >> them and broke verses fat and wealthy. gerri: okay. i'm shocked, but i will move on. thank you. good to see you. >> you bet. gerri: we want to know what you think. skinny or debt-free? log on to gerriwillis.com. vote on the right inside of this green and i was sure the results of the end of the show. that is crazy. when we come back, our parents saving more or less? the results of a new survey and one new airline offering a major
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helmets it -- how much of this is a reaction to the mayor phfft that is getting of the commercial jet today? >> a lot of it is a reaction to that. they're talking about three cities including los angeles, san francisco, and they just added santa barbara. if you don't want to go through tsa, you can slide in the parking lot. you used to be able to do this. the number of flights between dallas and houston used to be every 20 minutes on southwest airlines. after tsa get involved lantern of the schedules because people were going to drive because they could not slide into the airport put any more. gerri: i had no idea. the san francisco l.a. rid is usually busy. if you would do that without going through tsa, you are so
much more likely to fly. >> absolutely. you will take more trips. you're basically competing with drive traffic at that point. if it is a four or five hour drive for a one-hour or 90 minute flight, if you are at tsa for an hour getting non, getting out, getting a car, that whole hassle has gotten longer and therefore you are competing with drive traffic. in california at some point they may have a trained as well. gerri: i heard that, to. the rumor. we will see if that happens. but here is what i am thinking. can they do this and make a profit? do you think that it can be lucrative for them? >> they can if they can convince you're talking about $20,000 or 1600 a month for all you can fly . if you're flying and southwest airlines, that's 100 tickets per year. you have really got to want to have the convenience.
in your boss has to want that convenience if you are a business traveler, but if you can convince people to pay a fixed fee and then it is up to them to use it. you have people who will use it when more than 1600 per month and then those that only use it once or twice. that is where you will really make your money. gerri: you have to -- for most people that will be a business choice, not a personal choice. the you think that any airline carriers will pick up on this idea and try to replicate it? >> we have seen them do this before. jet blue data and all you can fly pass for a certain time frame, for year. we even saw american airlines actually sell lifetime first-class travel for a million dollars. and so people actually abuse that. so you can go to many of these airlines in get a credit card. they put miles on that so that you can walk in and out of an airport, but the cost is more than if you buy a on the open
market. this model has been tried. only for people that want ultimate convenience. you're not talking about leisure travelers. this is all business travel. gerri: is there anything you would warn us about? any potential problems? >> this is a 9-seat aircraft theft. governed by different rules. we contacted the ceo and a chore because they're governed by different parts of the rules of the department of transportation and the faa. well they have a little more lax rules, they are adhering to the more restrictive rules. two pilots in the cabin, certain certificates. they are adhering to the higher standards they don't really have to which is the only real issue. plus, you are talking about 9-seat aircraft. i can't get my wife on a 50 seat
aircraft, let alone an 9-seat aircraft. gerri: this same feeling. a little there is. thank you for all the info. i am sure people out there will be thinking about it. thank you. still to come, my "2 cents more." we all know that the cost of college is skyrocketing, but a new study says parents are starting to do the right thing. stay with us. ♪ in today's markets, a lot can happenn a second. with fidelity's guaranteed one-second trade execution, we route your der to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all parof our goa to execute your tre in o second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason
♪ gerri: it is hard times for higher education. we are in the midst, as you know, of a trillion dollar college debt crisis crippling students and their parents. relearning from a new survey that parents across the country are saving in saving early. good news. joining us now, chairman of the college savings foundation here to discuss the results of the research. great to have you on this show. thanks for coming in. i can't believe it's finally get news. a topic that is just an awful. why you think parents are saving more? >> you get the $1 trillion member -- number thrown at you. this in debt, the average student that loan is roughly $25,000. it's frightening parents to the right thing which is to get started early, said often, and use the right vehicle along the way. gerri: how big is the change? >> dramatic. 55 percent of parents are now saving for college.
if you look at the success they're having, 52% more than $5,000. between ten and $25,000. having some success along the way in the market is in their favor. gerri: here is what behrens said, the primary way they save for college is saving 43%. lauans, borrowing, 16. current income 11. getting a really good breakdown of what parents are saying about how they're putting the money together. people have tried to rely on those grants and scholarships. what is going on? >> if you look to me -- back to income of 20 years ago, your financial aid package included all the above. you could expect 60 to 70 percent of that aid to come in the form of scholarships and grants. now your financial aid package would include loans, 60 percent of the cost. gerri: a very popular advocate of that.
is that enough? >> it is one way that parents are saving. they also have vehicles that they are using. we think that tax benefits built-in give an advantage that is not anywhere else. gerri: if you can put money together without paying taxes, that is definitely a good thing. parents really like that. at some point you are catbird's seat here to talk about this. delta costs have to come down? this is ridiculous for some many parents to put down the kind of money you need for college education? >> legislators are hearing the parents and even grandparents who are very big participants in the college savings base that you cannot continue to see it across the board with double the rate inflation. gerri: the only thing that grows like that. there is no other costs in the economy that grows as fast as a college education. >> which is one of the reason the parents are getting so much more involved.
they don't see that slowing down. certainly it may cost you more than $250,000 to send your child to a four year private college. it makes them think of editors started this in as possible. gerri: many of the new parents i know, grandparent will open an account, there will open an account. it is good to see. thank you for coming of the show. they may want to worry about sending them to the biggest party schools. that list by the princeton review is and i stop live. syracuse university. no surprise. everyone believes orange. the prevalence of alcohol and its students enthusiasms for sports teams. number four, west virginia university, selling the least amount in the country. the mountaineers are considered crucial. the university of illinois. one of the largest communities in the country.
always a frat party go to uc santa barbara, beautiful place. number one party school, you will not believe it, the university of iowa. the school has the easiest access to hard liquor. the students have said it school spirit, football tickets are often sold out. those two things together. the personal review looks at the other side oo the coin, the most sober schools in the country. at the top of the list, brigham young. we will be right back. ♪
>> we have the kuo gerriwillis.com, 11% said skinny, 89% said debt free, and tonight, i knew our audience was too smart to fall for that question. you want to keep your debt low that is the right answer. the fact that a majority of americans chose being thin as their main goal shows how short-sighted we are, and two years after s&p downgraded our nation's credit rating it is higher. slowly but surely. americans will recognize the lesson, less is more,less det is better, coming up tomorrow, our guest ceo of quicken loans, bill emerson. we will stalk about the housing market, mortgage rates and what he sees for the economy, that is
it for the willis report, thank you for joining us, have a great night. see you back here tomorrow. lou: good evening thank you for being with us, you are looking at president obama today, president obama choosing to not answer any questions on russian president putin. and the administration's consolation of a one-on-one meeting between the leaders next month -- cancellation of the meeting, president's press secretary had a lot to say about president putin, russian leadership and without any awareness of irony what so ever, the important work that united states and russia should be undertaking. jay carney, highlighting how important engagement with russia is for the united states on a number of issues,